The business trend that unites Walmart and Tiffany & Co
When it comes to business, there are often many contrasting opinions and strategies. Some companies focus on providing quality products and services while others focus on providing great prices for customers. But what if there were a trend that could bridge the gap between high-end and value-driven businesses? That trend is finding success in major companies such as Walmart and Tiffany & Co. – two companies that couldn’t seem more different from one another. Let’s take a look at the business trend that is uniting these unlikely allies.
1. Walmart and Tiffany & Co: An Unexpected Business Trend
In the last decade, an unexpected business trend has occurred: Walmart has started to sell Tiffany & Co products. At first glance, this pairing appears unlikely, as the bulk store serves a far different customer base than the luxury jewelry company. However, this strategic move has proven to be a win-win for both parties.
When browsing Walmart’s online selection, consumers find the iconic blue boxes typically associated with Tiffany & Co. Walmart’s customer base consists mostly of budget shoppers, who likely cannot afford jeweled accessories from Tiffany & Co. Thus, Walmart offers a more affordable option for these customers to still purchase products from the luxury brand. Tiffany & Co benefits from this partnership, as Walmart is a large-scale retailer that can greatly expand their customer base and reach a wider target audience than ever before.
- Walmart offers a more affordable option for customers to purchase Tiffany & Co products.
- Tiffany & Co can expand their customer base by selling through Walmart.
2. How Luxury and Discount Store Retail Experience Unite
Despite the different price points that distinguish a luxury from a discount store, customers of both classes of retail experience a similar level of service. By focusing their attention on customer care, offering fair prices, and providing flexible returns, both luxury and discount stores provide quality service to their customers.
Luxury stores, such as designer retailers, focus on pampering their customers and creating a unique, one-of-a-kind shopping experience. Customers are welcomed with open arms, provided expert customer assistance, and offered many services including:
- Complimentary refreshments including coffee, tea, and pastries
- Free personal shopping services to help customers find the perfect item and advice on styling
- Free alteration services to ensure clothing fits the customer perfectly
- Flexible returns and exchanges with no hassle
Discount stores, such as thrift shops, bring a different approach to customer service. They specialize in offering fair prices and providing quality items at a fraction of the cost of other retailers. They also offer flexible returns and exchanges with additional savings. Many discount stores even offer free home delivery for further convenience.
Therefore, regardless of the difference in price points, both luxury and discount stores have one thing in common; they strive to give customers an enjoyable shopping experience. By providing quality customer services, fair prices, and flexible returns, both stores come together to serve their customers in the best possible way.
3. The Global Appeal of Quality and Value: Benefits of the Trend
The global appeal of quality and value has been a recognisable, widespread trend in recent years, due to a number of compelling advantages. Whether it’s the toaster that lasts longer than its competitors, or the outfit with a lower price-tag that looks designer, consumers everywhere continue to seek out the best quality they can achieve without it costing the earth.
High quality and excellent value for money can bring back the benefits of improved convenience, reliability and satisfaction. This can be seen in everything from everyday items to larger purchases. Consumers no longer need to scrimp on quality in order to save a few dollars, allowing them to look for items that are tailored to their needs.
- Convenience: Higher quality items have the potential to be less time consuming to use and maintain, while helping you to avoid multiple replacements.
- Reliability: The benefits of higher quality items becoming more affordable mean consumers can be sure that they are purchasing something that has been tested for durability.
- Satisfaction: Knowing you have acquired something that has been well made to suit your needs, and with the added bonus of it being economically viable, enables the user to be confident in their decision.
4. Looking Ahead: What’s Next for Walmart and Tiffany & Co
As the world’s largest retailer, Walmart has already made impressive strides to modernize its operations and cater to customers. It recently announced that it is expanding its U.S. e-commerce team and is partnering with other leading digital retail pioneers, such as Jet.com. They seem to be on the path to more agile and innovative digital retailing – including an increased focus on payment, delivery, consumer experience, and global expansion:
- Launched Walmart Pay, a mobile payment app
- Expanded their delivery services, including free two-day delivery and same-day delivery options
- Began expanding its AI capabilities for grocery and back-end operations
- Continues to invest in brick and mortar stores to increase customer access
Walmart’s moves indicate that the company is headed straight for industry-shaking transformation. By leveraging the benefits of technology and modernizing its approach to retailing, Walmart is likely to extend its reach even further and become even more ubiquitous.
Tiffany & Co.
Undoubtedly, Tiffany & Co. has already taken great strides in the mobile and digital realm. And while these changes may not be as dramatic as Walmart’s, its focus on luxury, craftsmanship, and using technology to enhance the entire purchasing process are sure to set the tone for the future:
- Continuing to create mobile apps that allow customers to preview their products in augmented reality
- Making its catalogs available online
- Optimizing its site for mobile customers
- Modernizing their product lines with new releases each season
By focusing on innovation and technology to enhance the customer journey, Tiffany & Co. will continue to remain a leader in the luxury goods market. They understand the need to remain relevant and keep up with the times, and more expansions and upgrades are likely to come in the future.
It’s refreshing to see that, despite being at opposite ends of the retail spectrum, Walmart and Tiffany & Co have found a common ground in the business trend of sustainability. Hopefully, the success of both these companies will continue to challenge others in the industry to make a positive impact on the world through their commercial practices.